Updated Aug 7, 2026
Jack Heller Of Assemble Media Acquires Manhasset Cinemas Property From Cinemas GMC LLC For $3M
430 Plandome Road
$3,000,000
$192/SF
Building Size
15,554 SF
Asset Type
Special Purpose
Closing
Aug 6, 2026
About this deal
AI
The property involved in this transaction is a special purpose asset located at 430 Plandome Road in Manhasset. The sale price was $3,000,000 for a total of 15,554 square feet, equating to a price per square foot of $193. The property is an Art Deco theater, originally opened in 1936, which was previously owned by Cinemas GMC LLC.
Summary of transaction details:
- Property Type: Special Purpose
- Transaction Amount: $3,000,000
- Address: 430 Plandome Road
- Market: Manhasset
- Square Footage: 15,554
- Price per Square Foot: $193
- Buyer: Jack Heller - Assemble Media
- Seller: Cinemas GMC LLC
- Broker: Clem Coté - Sovereign Realty Group
Jack Heller, the buyer and founder of Assemble Media, has plans to conduct a gut renovation of the theater, including the addition of an IMAX auditorium. Clem Coté from Sovereign Realty Group represented the seller in this transaction.
On the Map
$3,000,000
$192/SF
Special Purpose
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Players
Manhasset Special Purpose Market Snapshot
Boundary boundary · Special Purpose · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
5.29%
Cash-on-Cash
-1.51%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93